MMM's Bitcoin comeback
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The name of the company was taken from the first letters of the three founders' bitcoin mmm rsa. Initially, Mavrodi operated a network of computer-importing cooperatives. It offered American stocks to Russian investors, but met with little success.
In DecemberMMM-Invest was created as a voucher bitcoin mmm rsa funda type of entity created to collect vouchers during privatisation. The most famous of them, a "folk hero" of earlywas Lyonya Golubkov.
At its peak the company was taking in millions of dollars each day from the sale of its shares to the public. All of these companies were characterised by aggressive television advertising and extremely high promised rates of return.
Regular publication in the media of the rising MMM share price led President Boris Yeltsin to issue a decree in June to protect investors from false advertising. On July 22,the Ministry of Finance issued a statement listing MMM among a number of investment firms which had illegally issued unregistered securities.
Several organisations of "investors" bitcoin mmm rsa efforts to recover their lost investments, but Sergei Mavrodi manipulated their indignation and directed it at the government. Mavrodi was arrested on tax evasion charges, unrelated to bitcoin mmm rsa MMM scheme, on 4 August Bitcoin mmm rsa October Mavrodi managed to win a by-election to replace Andrey Bitcoin mmm rsa in the State Dumaand with it immunity from prosecution. Mavrodi launched his own political party, the Party of People's Capital, but it was bitcoin mmm rsa from registering after violating election laws.
The original investigation was closed in for lack of evidence. Mavrodi was found and arrested in February Since he had already spent over four years in custody, he was released less than a month later, on May 22, The MMM scandal led to increased regulation of the Russian stock market, but the legacy of the fraud led many to become extremely suspicious of any joint stock companies.
From Wikipedia, the free encyclopedia. This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material bitcoin mmm rsa be challenged and removed. January Learn how and when to remove this template message. Archived from bitcoin mmm rsa original on March 16, Retrieved 3 December Archived from the original on 26 September People were perfectly aware that MMM was not a honest company.
Archived from the original on July 26, But like gamblers [ Naive Russian investors have had their fingers badly". Archived from the original on 14 October Bitcoin mmm rsa from the original on 3 December Securities and Exchange Commission. Archived from the original on E - European Advances in Consumer Research. Archived from the original on 15 November Archived from the original on 7 September The New York Times.
Archived from the original on 26 May Sergei Mavrodi bilked thousands with his MMM pyramid scheme. But voters took him bitcoin mmm rsa his word again".
Scams and bitcoin mmm rsa tricks. Confidence trick Error account Shill Shyster Sucker list. Con artists Confidence tricks Criminal enterprises, gangs and syndicates Bitcoin mmm rsa scams Impostors In the media Film and television Literature Ponzi schemes.
Retrieved from " https: Pyramid and Ponzi schemes establishments in Russia disestablishments in Russia Companies established in Companies disestablished in Economic history of Russia. Webarchive template wayback links Articles needing additional references from January All articles needing additional references All articles with unsourced statements Articles with unsourced statements from May Articles with Russian-language external links. Views Read Edit View history. This page was last edited on 26 Marchat By using this site, you agree to the Terms of Use and Privacy Policy.
Office Equipment importer early s Ponzi Scheme initiator onwards.
